Dovor Motorsports has agreed to sell the Nashville Superspeedway to NeXovation, Inc., in a deal worth nearly $46 million.

Denis McGlyn, Dover's chief executive officer, announced the sale Thursday. He says the deal will allow his company to transfer a little-used track to a group that will re-activate the superspeedway with a new business model.

NeXovation will pay $27 million and also put up a letter of credit for the $18.8 million in bonds issued to build the infrastructure needed by the speedway near Lebanon, Tennessee.

The 1.33-mile, concrete track opened in 2001 hosting NASCAR trucks and Nationwide races along with an Indy Racing League event through 2008. Dover closed the track, except for testing, in 2011.